Galantas Purchases Two Drill Rigs and Contracts Two Drill Rigs for Omagh Gold Mine
Posted on March 31, 2011 at 09:00 AM EDT
TORONTO, ONTARIO--(Marketwire - March 31, 2011) - Galantas Gold Corporation (TSX VENTURE:GAL)(AIM:GAL) (the Company), the AIM and TSXV quoted explorer with a 100% interest in Ireland's only operating gold mine, has made arrangements to increase the total number of Core Drilling Rigs on its Omagh, Northern Ireland, property to four.
One Core Drilling rig is presently operating under contract, with a second contracted rig expected to be delivered by mid-May 2011.
A further Core Drilling rig has been ordered and will be purchased new. This equipment (a CS14) is sourced from Atlas Copco and is expected to arrive on site by the end of May 2011. Atlas Copco quote a depth capability (based on a vertical hole) of 800 metres for "H" size core and 1200 metres for "N" size core. The cost, excluding drill string, is approximately GBP 265,000 plus VAT.
A used core drilling rig has also been purchased. This is a tracked, sub-horizontal core drilling rig made by American Auger and was purchased at auction for GBP 16,500 plus VAT. It will require a full refurbishment and conversion to vertical drilling before entering operation. Budgeted at GBP 20,000, this refurbishment is expected to create a versatile core-drilling unit with approximately half the depth capacity of the Atlas Copco unit. The rig is expected to be ready for use at around the end of June 2011.
Experienced diamond core drill operators are currently being interviewed and the geological team is being expanded in anticipation.
This release has been approved by Roland Phelps, President & CEO, a qualified person under the meaning of N.I 43-101, who is responsible for the technical information in this disclosure.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws, including drilling and exploration program estimates, for the Omagh Gold project. Forward-looking statements are based on estimates and assumptions made by Galantas in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors that Galantas believes are appropriate in the circumstances. Many factors could cause Galantas' actual results, the performance or achievements to differ materially from those expressed or implied by the forward-looking statements or strategy, including: contractor performance, deliveries, drilling rate, gold price volatility; discrepancies between actual and estimated production; actual and estimated metallurgical recoveries; mining operational risk; regulatory restrictions including environmental regulatory restrictions and liability; risks of sovereign involvement; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; planning and other permitting issues; and defective title to mineral claims or property. These factors and others that could affect Galantas' forward-looking statements are discussed in greater detail in the section entitled, "Risk Factors", in Galantas' Management Discussion & Analysis of the financial statements of Galantas and elsewhere in documents filed from time to time with the Canadian provincial securities regulators and other regulatory authorities. These factors should be considered carefully, and persons reviewing this press release should not place undue reliance on forward-looking statements. Galantas has no intention and undertakes no obligation to update or revise any forward-looking statements in this press release, except as required by law.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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